The Kings Landing development in Fort Pierce faces another delay as Live Oak Development, the secondary developer on the project, told city commissioners they are $15 million short of the $60 million needed to complete the Marriott hotel and restaurant portion of the project. Live Oak Development CEO Paul Bertozzi said the shortfall is due in part to rising construction costs. City leaders said developers initially asked the city to cover the gap through a loan or grant, but Commissioner Michael Broderick said that request was denied.
Live Oak Development is now asking for 180 days to find the money through private sources. Bertozzi told commissioners the outreach has already begun.
Commissioners are debating whether the city should reclaim the property.
Broderick said he believes trying to reclaim the property through legal action would be expensive and time-consuming. He said he would rather give developers the time they are asking for.
Commissioner Chris Dzadovsky said he does not want to wait. Jon Nolli, owner of Funky Cuda in Fort Pierce, said he has been waiting on the development and is ready for it to be finished. Nolli said he even has plans to open businesses inside Kings Landing, including a beer garden and a deli, but the delays are wearing on him.
The city commission has scheduled a special meeting on September 14 to discuss next steps.